(Boursier.com) — In the 1st half, the turnover of Metabolic Explorer amounted to 129.3 million euros (36.6 ME in the 1st half of 2021). The Group’s EBITDA came out at -7.4 ME. Despite the sharp fall in volumes sold in animal nutrition in the 2nd quarter, the management of the cost structure enabled METEX Nøøvistago to post a balanced Ebitda. Metex Nøøvistago’s EBITDA was mainly impacted by the drop in volumes sold of amino acids produced in Amiens in animal nutrition in the 2nd quarter (-11.5% compared to the 1st quarter) and to a lesser extent by the increase in prices of certain raw materials correlated with the inflation of energy costs borne by the Group’s suppliers and passed on to society. For the other two entities, EBITDA for the half-year is fully in line with the Group’s projections.
The current operating result amounts to -12.7 ME. For the 1st half of 2022, the Group’s net income stands at -18.4 ME (76.7 ME in the 1st half of 2021).
As of June 30, 2022, shareholders’ equity amounted to €135 million (€153 million as of December 31, 2021). Metex Nøøvistago’s inventories rose sharply from €49.8 million at December 31, 2021 to €86.3 million at June 30, 2022. This increase in inventory value is mainly due to the drop in volumes sold of amino acids produced at Amiens in the 2nd quarter and to a lesser extent by the increase in raw materials in connection with the cost of energy borne by the Group’s suppliers who do not benefit from the same hedging mechanisms as METEX.
The increase in inventories mechanically impacted the Group’s cash position. As of December 31, 2021, the Group had consolidated gross cash, including current financial assets, of €43.3 million. As of June 30, 2022, it stood at €18.7 million (including current financial assets).
The Group’s debt amounts to €43.9 million (including €7.7 million in IFRS16 debt) compared to €28.4 million at December 31, 2021 (including €8.5 million in IFRS16 debt). At June 30, cash net of debt stood at -€25.2m.
In order to cover its working capital requirement in the current very poor economic context, the Group drew, as of June 30, 2022, an amount of €12 million from the €30 million envelope available under the terms of its ‘revolving’ contract put in place. in place in May 2022. To date, the Group has drawn an additional €10m from this contract.
As mentioned, during the second half of the year, the challenge for the Group is to partly reconstitute its cash position by favoring the sale of its inventories.
Outlook
In a still demanding and constrained global context, Metex remains mobilized to defend its cash flow and its results. In this perspective, the Group remains attentive to the evolution of the rise in energy costs as well as to the difficulties in supplying certain raw materials which are currently impacting all the players in the animal nutrition sector.
A revaluation of the selling prices of the entire product portfolio has already been implemented. It should promote sales of its subsidiary Metex Nøøvistago from the 1st quarter of 2023. In this respect, the Group’s commitment to position its entire range on the benefits of a low-carbon offer is an asset for customers, all mobilized around European objectives aimed at new performance standards.